The global cord blood banking services market accounted for USD 1.92 billion in 2023 and is expected to reach at USD 8.00 billion by 2034 with a CAGR of 13.85% during the forecast period 2024-2034. Growing prevalence of genetic diseases, increase in government initiatives to raise awareness, rising public awareness regarding the wide range of service providers, surge in product introductions, growing collaborations & partnerships among industry participants, heightened focus on expansion, increased government funding, and rising approvals of innovative therapies based on cord blood are some of the key factors boosting the market growth.
Cord blood is a rich source of stem cells, able to treat over 80 genetic diseases and chronic conditions such as cancer, diabetes, blood disorders, and immune system disorders. Despite the limited amount that can be collected from a single umbilical cord, cord blood contains a large number of stem cells and is the only type of stem cell stored for future use. These cells are collected from hospitals and medical facilities and stored in cord blood banks, with an average storage duration of 20-25 years. Hence, rising approvals of innovative therapies based on cord blood is predicted to boost the market growth during the forecast period. For instance, in April 2023, Americord Registry LLC, a biotechnology firm based in the USA, has announced the FDA approval of Gamida Cell's Omisirge product. Omisirge is an advanced therapy that enhances the quantity of cord blood stem cells employed in treatment, marking a significant breakthrough in regenerative medicine and underscoring the growing significance of cord blood banking.
By bank type, private was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the rising awareness of the ethical considerations associated with private cord blood banking, and surge in mergers & acquisitions among prominent market entities. For instance, in March 2022, The purchase of a newly built 56,000 square foot facility in the Research Triangle Park neighborhood of Raleigh, North Carolina, has been announced by Cryo-Cell International, Inc. The deal is subject to normal terms and conditions before it is finalized. This facility is anticipated to expand Cryo-Cell's cryopreservation and cold storage business with the introduction of a new service called ExtraVault. Additionally, public is predicted to grow at the fastest CAGR during the forecast period owing to the rise in governmental backing for public cord blood banking initiatives, increase in the occurrence of genetic disorders, and surge in research and development endeavors.
By service, processing was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the rise in clinical trials & research focusing on cord blood and increase in the prevalence of hematological disorders. The process of cord blood processing entails the separation and extraction of stem cells from red blood cells, a procedure facilitated by automated systems and technicians who utilize sedimentation and centrifugation techniques. Additionally, storage is predicted to grow at the fastest CAGR during the forecast period owing to the growing level of awareness among the public regarding the storage & banking of cord blood, increasing adoption of these practices by hospitals & research institutes, and surge in initiatives by market players. For instance, in September 2022, ExCellThera's goal is to improve patients' access to cord blood transplants, which offer a notable advantage over adult stem cell sources due to not necessitating precise HLA matching. The company's endeavors contribute to enhancing the availability and effectiveness of this medical treatment.
By application, leukemia was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to increasing incidence of leukemia and rise in research & development efforts. For instance, in March 2022, Technicians at the Cell Processing Facility of the Fred Hutchinson Cancer Research Center are readying blood stem cells for transplantation in patients with advanced leukemia. Researchers from Fred Hutch have initiated clinical trials at multiple cancer institutions across the United States, enrolling individuals living with HIV and advanced leukemia. Additionally, genetic disorders is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of genetic diseases, rise in the introduction of new products, and growing demand for advanced services.
By end-user, hospitals was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the increase in childbirths in hospitals, these institutions serve as primary points of contact for facilitating cord blood collection. Having well-equipped infrastructure and skilled healthcare professionals available to safely collect, process, and store cord blood samples for potential future use will enable hospitals to maintain connections with established cord blood banks. Additionally, research institutes is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of genetic disorders and surge in research and development endeavors. For instance, in September 2022, Xintela will conduct the initial human trial (Phase I/IIa) for knee osteoarthritis treatment in Australia, utilizing three varying dose levels of their stem cell product XSTEM.
North America region is anticipated for the highest revenue share during the forecast period owing to the increase in the occurrence of cancers such as leukemias & lymphomas, rising number of patients with compromised bone marrow or impaired immune systems, higher incidence of genetic disorders such as sickle cell disease & Down syndrome in newborns, and growing emphasis on expansion by market participants. For instance, in January 2024, DKMS Chile inaugurated its inaugural collection center in Santiago de Chile to bolster stem cell collection and transplant capabilities within the nation. This initiative aims to enhance treatment accessibility for patients requiring transplants. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increase in research & development efforts by multiple research institutions, surge in the introduction of new technologies for treating various diseases by major market players, and heightened emphasis on expansion by industry leaders. For instance, in September 2023, LifeCell International, a leading provider of Community Cord Blood Stem Cell Banking and India's advanced healthcare solutions for mothers and babies, has revealed an increase in its Community Banking Registry to over 75,000 meticulously screened and consented cord blood units. This expansion enriches its collection of Indian-origin stem cells.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Cord blood is a rich source of stem cells, able to treat over 80 genetic diseases and chronic conditions such as cancer, diabetes, blood disorders, and immune system disorders. Despite the limited amount that can be collected from a single umbilical cord, cord blood contains a large number of stem cells and is the only type of stem cell stored for future use. These cells are collected from hospitals and medical facilities and stored in cord blood banks, with an average storage duration of 20-25 years. Hence, rising approvals of innovative therapies based on cord blood is predicted to boost the market growth during the forecast period. For instance, in April 2023, Americord Registry LLC, a biotechnology firm based in the USA, has announced the FDA approval of Gamida Cell's Omisirge product. Omisirge is an advanced therapy that enhances the quantity of cord blood stem cells employed in treatment, marking a significant breakthrough in regenerative medicine and underscoring the growing significance of cord blood banking.
By bank type, private was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the rising awareness of the ethical considerations associated with private cord blood banking, and surge in mergers & acquisitions among prominent market entities. For instance, in March 2022, The purchase of a newly built 56,000 square foot facility in the Research Triangle Park neighborhood of Raleigh, North Carolina, has been announced by Cryo-Cell International, Inc. The deal is subject to normal terms and conditions before it is finalized. This facility is anticipated to expand Cryo-Cell's cryopreservation and cold storage business with the introduction of a new service called ExtraVault. Additionally, public is predicted to grow at the fastest CAGR during the forecast period owing to the rise in governmental backing for public cord blood banking initiatives, increase in the occurrence of genetic disorders, and surge in research and development endeavors.
By service, processing was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the rise in clinical trials & research focusing on cord blood and increase in the prevalence of hematological disorders. The process of cord blood processing entails the separation and extraction of stem cells from red blood cells, a procedure facilitated by automated systems and technicians who utilize sedimentation and centrifugation techniques. Additionally, storage is predicted to grow at the fastest CAGR during the forecast period owing to the growing level of awareness among the public regarding the storage & banking of cord blood, increasing adoption of these practices by hospitals & research institutes, and surge in initiatives by market players. For instance, in September 2022, ExCellThera's goal is to improve patients' access to cord blood transplants, which offer a notable advantage over adult stem cell sources due to not necessitating precise HLA matching. The company's endeavors contribute to enhancing the availability and effectiveness of this medical treatment.
By application, leukemia was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to increasing incidence of leukemia and rise in research & development efforts. For instance, in March 2022, Technicians at the Cell Processing Facility of the Fred Hutchinson Cancer Research Center are readying blood stem cells for transplantation in patients with advanced leukemia. Researchers from Fred Hutch have initiated clinical trials at multiple cancer institutions across the United States, enrolling individuals living with HIV and advanced leukemia. Additionally, genetic disorders is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of genetic diseases, rise in the introduction of new products, and growing demand for advanced services.
By end-user, hospitals was the highest revenue-grossing segment in the global cord blood banking services market in 2023 owing to the increase in childbirths in hospitals, these institutions serve as primary points of contact for facilitating cord blood collection. Having well-equipped infrastructure and skilled healthcare professionals available to safely collect, process, and store cord blood samples for potential future use will enable hospitals to maintain connections with established cord blood banks. Additionally, research institutes is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incidence of genetic disorders and surge in research and development endeavors. For instance, in September 2022, Xintela will conduct the initial human trial (Phase I/IIa) for knee osteoarthritis treatment in Australia, utilizing three varying dose levels of their stem cell product XSTEM.
North America region is anticipated for the highest revenue share during the forecast period owing to the increase in the occurrence of cancers such as leukemias & lymphomas, rising number of patients with compromised bone marrow or impaired immune systems, higher incidence of genetic disorders such as sickle cell disease & Down syndrome in newborns, and growing emphasis on expansion by market participants. For instance, in January 2024, DKMS Chile inaugurated its inaugural collection center in Santiago de Chile to bolster stem cell collection and transplant capabilities within the nation. This initiative aims to enhance treatment accessibility for patients requiring transplants. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increase in research & development efforts by multiple research institutions, surge in the introduction of new technologies for treating various diseases by major market players, and heightened emphasis on expansion by industry leaders. For instance, in September 2023, LifeCell International, a leading provider of Community Cord Blood Stem Cell Banking and India's advanced healthcare solutions for mothers and babies, has revealed an increase in its Community Banking Registry to over 75,000 meticulously screened and consented cord blood units. This expansion enriches its collection of Indian-origin stem cells.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Bank Type, Service, Application, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Cord Blood Banking Services Market Report 2023 - 2034
Cord Blood Banking Services Market Analysis & Forecast by Bank Type 2023 - 2034 (Revenue USD Bn)
- Public
- Private
- Hybrid
Cord Blood Banking Services Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn)
- Storage
- Processing
- Other
Cord Blood Banking Services Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Immune Deficiencies
- Genetic Disorders
- Leukaemia
- Others
Cord Blood Banking Services Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Research Institutes
- Others
Cord Blood Banking Services Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Cord Blood Banking Services Market: Bank Type Estimates & Trend Analysis
8. Cord Blood Banking Services Market: Services Estimates & Trend Analysis
9. Cord Blood Banking Services Market: Application Estimates & Trend Analysis
10. Cord Blood Banking Services Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Cord Blood Banking Services Market
13. Europe Global Cord Blood Banking Services Market
14. Asia Pacific Global Cord Blood Banking Services Market
15. Latin America Global Cord Blood Banking Services Market
16. MEA Global Cord Blood Banking Services Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Cord Blood Foundation (Smart Cells International)
- California Cryobank Stem Cell Services LLC
- PerkinElmer Inc. (ViaCord LLC)
- Global Cord Blood Corporation
- Cryo-Cell International
- Cordlife Group Limited
- Singapore Cord Blood Bank
- CBR Systems Inc.
- AlphaCord LLC
- FamiCord
- CSG-BIO
- ATCC
